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Valero Profit Surges as Crude-Oil Imports Tumble

By

Ben Lefebvre

Updated Jan. 29, 2013 2:04 p.m. ET

Valero Energy Corp.'s (VLO) fourth-quarter earnings hit a seven-year high as the refining company took full advantage of the growing supply of North American crude and stopped buying expensive light, sweet crude imported from overseas.

Valero reported a profit of $1.01 billion, or $1.82 a share, up from $45 million, or eight cents a share, a year earlier. The earnings were the highest since 2005 and blew away the forecasts by analysts polled by Thomson Reuters, who projected earnings of $1.18 a share. Valero shares soared...